Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,517/mo
Lowest payment- Down payment
- $243,778
- Funds due
- $259,107
- Interest + MI left
- $189,669
- First ends
- Jan 2052
Assumption
Assumption + second
$3,808/mo
+$1,291/mo- Down payment
- $67,778
- Funds due
- $84,434
- Interest + MI left
- $478,583
- First ends
- Jan 2052
New loan
New conventional
$4,786/mo
+$2,269/mo- Down payment
- $67,778
- Funds due
- $79,654
- Interest + MI left
- $920,741
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $431,122 | $431,122 | $607,122 |
| Second mortgage | — | $176,000 | — |
| First P&I | $2,055.60 | $2,055.60 | $4,203.59 |
| Second P&I | — | $1,291.43 | — |
| Mortgage insurance | — | — | $121.42 |
| Taxes, insurance & HOA | $461.25 | $461.25 | $461.25 |
| Total housing payment | $2,516.86 | $3,808.28 | $4,786.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,778
Closing costs & prepaids$16,657
Usable credit−$0
Total buyer cash needed$84,434
Earnest money paid−$0
Remaining funds due$84,434
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,155.61
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$632.75
Initial HOA (3 months)$251.01
Prepaid interest, first (2 days)$73.00
Prepaid interest, second (2 days)$77.15
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 2 moOf the original 30-year loan at 3.090%
Interest already paid$68,347Through Nov 2026
Assumption only · ends Jan 2052$189,669
Assumption + second · ends Jan 2052, second Dec 2056$478,583
New conventional · ends Dec 2056$920,741